"UNX" TSX-V "3U2A" Frankfurt Shares Outstanding: 85,667,1573
TORONTO, May 25 /CNW/ - Universal Power Corp. ("Universal" or the "Company") today announced the appointment of Mr. Michael Black and Mr. Keith Turnbull to the Company's Board of Directors (the "Board"). Both Mr. Black and Mr.Turnbull will be acting as independent directors.
Mr. Michael Black is the Managing Partner of Heenan Blaikie LLP's Calgary energy-focused office, and is also a member of the firm's seven-member national Executive Committee. Mr. Black has extensive legal experience in the energy sector, ranging from the negotiation and drafting of both domestic and international joint operating and joint venture agreements, the negotiation and execution of resource-based transactions, and other legal and commercial matters specific to the conduct of business in international jurisdictions. Mr. Black has recently acted as the lead counsel on several multi-billon dollar international energy merger and acquisition (M&A) transactions. In the past five years, he has led over 50 M&A deals. Mr. Black received his law degree (LLB) from the University of British Columbia in 1984.
Mr. Keith Turnbull recently retired from KPMG where he was a member of the accounting firm's 12-member national executive management team, and most recently the Office Managing Partner of the practice's Calgary office. Mr. Turnbull's distinguished 38-year career in public practice included significant involvement with emerging international energy companies, and covered a broad spectrum of activities, including financial reporting, taxation planning, corporate governance, internal controls, auditing, public disclosure, and other assignments specific to oil and gas companies. Mr. Turnbull received his Chartered Accountancy (CA) designation in 1974.
"Mr. Black and Mr. Turnbull are both strategic thinkers. They bring a wealth of experience that will ensure expert planning and execution of our growth initiatives" said Mr. Gabriel Ollivier, President and CEO of Universal. "Their appointments have strengthened Universal's ability to manage both challenges and opportunities, and their independence further supports our commitment to best practices in corporate governance."
Consequential to the above-mentioned appointments, the Company also wishes to announce that it has granted incentive stock options to certain directors for the purchase of a total of 600,000 common shares of the Company at a price of $2.00 each valid until May 25, 2015. The options are being granted pursuant to the terms of the Company's stock option plan.
In accordance with the Company's articles of incorporation, the Company has increased the required membership of its Board from six to eight members. The directors of the Company will hold office until the next annual general meeting of the Company where they may stand for re-election by the shareholders.
About Universal Power Corp.
Universal Power Corp. is an oil and gas company focused on building a portfolio of high impact exploration targets in offshore Namibia, Africa. The Company has more than 51,000 gross square kilometers of Namibian offshore concessions along the prolific South Atlantic Margin. The Company has a newly expanded managerial and technical team supported by strong Namibian partnerships, and is thus well positioned to make a significant contribution to the exploration and development of Namibia's offshore oil and gas concessions.
On Behalf of the Board of Directors
of Universal Power Corp.
For further information visit our website at www.universalpowercorp.com
Sedar Profile No. 00016276
Forward Looking Information
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Universal Power Corp. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for our resources, competition and dependence on key personnel. These risks, as well as others, could cause actual results and events to vary significantly. Universal Power Corp. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE UNIVERSAL POWER CORP.
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